Stock Market Today: Indian stock market indices Nifty 50 and Sensex, after hitting fresh record highs in intraday trade on Monday, May 27, ended flat on profit-taking amid a mixed global situation.
After opening higher, the Sensex and Nifty 50 indexes hit fresh all-time highs of 76,009.68 and 23,110.80 respectively during the trading session. However, both the indices could not sustain the gains and ended up marginally lower on profit booking at higher levels.
The Sensex index closed at 75,390.50, down 20 points or 0.03 percent, while the Nifty 50 index closed at 22,932.45, down 25 points or 0.11 percent.
Heavyweight stocks like Reliance Industries, ITC and Mahindra ended lower on the upper end of the Nifty 50 index. Meanwhile, HDFC Bank, Axis Bank and Larsen & Toubro provided the strongest support to the index. In the Nifty 50 index, 29 stocks ended higher.
Midcap and smallcap stocks outperformed the benchmarks with the Nifty Midcap 100 index up 0.64 per cent and the Nifty Smallcap 100 index rising 0.81 per cent.
Investors are treading cautiously and booking profits at the peak to mitigate potential losses from knee-jerk reactions following the outcome of India’s Lok Sabha elections next week. India’s fourth-quarter FY24 GDP data, due to be released on Friday, is also attracting attention.
“The bulls are facing stiff resistance at the 23,000 level as investors have started taking profits at higher levels to avoid a knee-jerk reaction in the market ahead of the election results,” said Vinod Nair, head of research at Geojit Financial Services.
“Improving profit growth, hopes of recovery in private capex and easing in selling momentum by foreign institutional investors are the major positives for the market. India’s fourth-quarter GDP and US inflation numbers due this week will also influence investors’ direction in the near term,” Nair said.
(To be continued)
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